India and Spain are likely to hold a fifth round of negotiations in June to finalise the fast track mechanism for investments aiming to provide single window clearance and ease of doing business to Spanish companies, a top official of the commerce ministry said.
"Four rounds of negotiations have been completed with Spain on the fast track mechanism for investments. The fifth round of negotiations will be held in June," Sumita Dawra, Special secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said at the India-Spain business meeting in New Delhi.
The fast track mechanism for investments is likely to be finalised by September, sources said.
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Spain is the 16th largest investor in India with a $4-billion investment.
The mechanism will be like a single-window clearance between the two countries to provide ease of doing business for Spanish companies, similar to the existing mechanism between India and Germany.
"(We are) Looking at deepening, strengthening bilateral economic engagement with Spain. Spanish companies have opportunities to invest in multi-modal parks, infrastructure in India," Dawra said.
India and Spain have opportunities to collaborate in defence, technology, green energy, manufacturing, aviation, healthcare, high speed railway, etc., she said.
Spain is India's 7th largest trading partner in Europe with a trade of $8 billion.
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